reported a net loss of USD 1.87 million for its first quarter of FY13

It seems that Mumbai based strategies, to come out of the losses of the previous fiscal year, are showing their results. As disclosed in a recently released earnings report for its first quarter ended June 30, 2013. reported a Net loss of USD 1.87 million, a 35% fall from USD 2.27 million in similar quarter previous year. The overall revenues in the quarter were USD 4.11 million, showing a 12% increase over the 2012 first fiscal quarter.

The Indian operations of the company get the total revenue increase of approx. 21% at USD 3.37 million, including online advertising revenues of USD 2.19 million and fee-based revenues of USD 1.18 million. Also, the Company reported an Operating EBITDA loss of USD 1.47 million over an EBITDA loss of USD 2.27 million in the comparable year-ago period.

The company’s gross margin got increased by 44% compared to 32% for the same quarter last fiscal year. Additionally, in online Marketplace business, successfully maintained a 12% positive product margin for the quarter with continous increase in vendors and SKU’s to their offering.

“I believe our concentrated efforts on conserving cash will take us a step closer towards profitability, especially as our margins increase and our top-line grows”, said Ajit Balakrishnan, Chairman and Chief Executive Officer of

Currently headquartered in Mumbai, India with offices in New Delhi and New York, USA, get around 89.1% of the millions of visitors from India, while the rest come primarily from the USA (3.4%) and China.

In India, the services provided by include Rediff mail, web based mail service; Rediff Bol, instant messenger with support for Hindi language social; Rediff Songbuzz, music search & discovery service featuring Hindi music primarily and Rediff Locale, a local news portal.

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It also offers various other web based services such as a web search, shopping, online rakhi store, classifieds, a matrimonial service, social networking, blogging, a music-video sharing platform and a community-driven knowledge base.